I have a daughter who is going to Europe with her friends. They will need about 20K in Euros on their trip. I don't have a Euro bank account (and would prefer not to set one up). I can easily get the Euros in my trading acct (and would save about 500 Euros using IBKR). I just need to get them in hand without setting up a local bank account. Is there a way to get Euros from IBKR without having a Euro bank account? Can I get a cheque in Euros from them? (and then she can set up a local debit card in Euros) any suggestions?
You can open a multi currency account with Wise and apply for their credit/debit card that your daughter can use in Europe.
Are you seriously considering to give your daughter 20,000 Euro in her handbag and send her on her merry way? That's surely a recipe for problems. If she is going to have a bank account in Europe then you would need to ask IBKR whether they allow you to transfer EUR from your IBKR account to her European bank account. Cheques is a US thing, uncommon in Europe.
lol to clarify. We are Canadian and she has her own money to travel. I just don't want her to get ripped off by the CDN banks when converting to Euros. I can convert for her at a much better rate via my IBKR acct. I'd prefer to teach my kids to save $700 if they can.... VicBee: The rates at Wise are much better! thx
Does IBKR support withdrawals to Wise? I know that your bank account has to be in your name, I also read that you get your own IBAN account number now. A few years ago (in times of Transferwise), withdrawals from IBKR were not supported as account name was different from yours.
https://www.wandertooth.com/best-canadian-bank-for-overseas-travel/ If she travels in Europe, she can take money at ATM's and has normally the choice to take Euro's and convert at the ATM's rate or the rate of her Canadian bank. So she can choose which rate she prefers.
Yes. I have a USD account at Wise and was able to transfer USD from my IBKR US account to the Wise account. That was about one month ago. However, IBKR does not support electronic transfer to Wise, resulting in a processing fee (7.50 USD) being charged by Wise for handling the incoming money.